Outside China, massive funding pours > #EnergyStorage & #EVs โ not by chance, but market forces riding the waves of multiple disruptions. #BESS = the backbone of the transition, stabilizing grids & unlocking renewables. The megatrend Goliath is here. #Lithium #Disruption @iolahughes.bsky.social
While California is at the forefront of the battery storage revolution, this trend is now being adopted worldwide.
Global capacity projected to increase by 67% to 617GWh this year alone and is expected to grow tenfold by 2035. By 2027 massive increase in capacity is forecasted for major economies.
Battery demand from data centres & AI has been a hot topic in recent months.
Our recent forecast see electricity demand from set to 3X by 2030 and an increasing number of sites opting for batteries to help manage this load. The US is set to dominate data centre #BESS growth in coming years
Q1 2025 was another record breaking period of #BESS deployments with over 34GWh (+65% y-o-y) of new grid capacity entering operation across 273 locations.
New projects continue to flood the global pipeline, with ~200GWh being announced in Q1, 128% more than was introduced in Q1 24. #battery #lithium
Tesla's energy storage side hustle is its fastest growing business โ and the most vulnerable to tariffs.
@zeitlin.bsky.social breaks it down below, with help from @iolahughes.bsky.social.
BESS pipelines continue to expand globally as battery prices fall and renewable build out grows! Based on announced projects, installed capacity is set to close to double in the next 3 years!
#bess #battery #energy
2024 Lithium ion battery demand soars past the Terrawatt-hour mark, reaching 1.2TWh!
Li-ion battery demand across all end use markets has increased 27% compared to 2023, on the back of strong growth in the EV and BESS markets
#EV #BESS
Global EV sales grew by 25% in 2024, resulting in 17.1 million EVs sold for the year! ๐
Another record monthly sales figure of over 1.9 million EV units was sold in December 2024, growing by 2% m-o-m and 36% y-o-y.
โกChina +40%
๐US & Canada: +9%
๐ EU -3%
But EV sALes are StaLLiNgย โย global edition
+25% in Jan-Nov 2024
+32% in Nov 2024
(Data/chart from Rho Motion)
๐จ Milestone alert ๐จ
Lithium ion battery demand has surpassed 1TWh for the first time!
On the back of a record month for EV sales and strong BESS deployments in November, global demand for the year has surpassed the 1TWh mark, a milestone narrowly missed in 2023.
#battery #lithium
Another record month for EV sales โ ๐ญ.๐ด ๐ ๐ถ๐น๐น๐ถ๐ผ๐ป ๐จ๐ป๐ถ๐๐ ๐ฆ๐ผ๐น๐ฑ ๐ถ๐ป ๐ก๐ผ๐๐ฒ๐บ๐ฏ๐ฒ๐ฟ ๐ฎ๐ฌ๐ฎ๐ฐ! ๐
The global EV market (BEV & PHEV) continues to surge, growing by 25% year-over-year (Jan-Nov 2024 vs Jan-Nov 2023), with 15.2 million units sold YTD.
#EV #battery
๐ธ Price Wars & Innovation: Building Resilient BESS Supply Chains Webinar
๐ฐ 17th December - 2pm (UK time)
We'll also be covering our outlook for BESS in 2025 and the latest technology innovations!
Register here: bit.ly/4gdqHMb
Grid storage installations have grown rapidly in 2024 on the back of strong renewable deployments and record low cell and system prices. Across the three major markets a disparity in deployments and system price is growing.
We'll discuss this in next week's Rho Motion webinar:
While this result is not our expectation for 2025, with new models and some ramping up of current production easing the fines they pay - the position carmakers have left themselves in with 2024's poor performance makes the task in 2025 even greater and a lot less likely!
With 2024 EV sales in the EU in decline, the work required to meet 2025 emission targets is significant. Based on current sales OEMs would face huge fines.
Pressure is ramping up on the upcoming legislation, with calls for carmakers to get relief from fines for next year.
#EV
Cover photo for the Iola Hughes episode
If you want to hear about the latest in battery manufacturing, the superb @iolahughes.bsky.social episode is out today on Transmission:
open.spotify.com/episode/0hQa...
๐ฒ๐จ๐ณ Cost to deliver full systems in China, how this varies and how it compares with the US - it's a big split.
๐ฐ๏ธ So what comes next, we will likely see players continue to use Chinese LFP cells due to the lack of alternatives, but we could also see a resurgence of nickel based batteries... or could this cause a slow down in demand altogether?
๐ญ Meanwhile LFP manufacturing in the US is in its infancy, with only a handful of players likely to bring production online next year. This will be at a higher cost than currently facing those importing cells and not at the volumes to meet the demand.
๐ LFP cells used in BESS currently face a 7.5% tariff, set to rise to 25% in 2026, giving time for domestic LFP production to get up and running. With the new tariff, Chinese LFP cells commonly used in storage could face a tariff over 40% in 2025, increasing to 60% in 2026.
๐ Whilst the EV market can adapt to non Chinese supply, as evident from YTD LFP data.... 7% market share compared to 13% in 2023, this will be much more difficult for the storage space, with LFP market share at close 90%.
Storage looks set to suffer from the tariffs. ๐งต
๐ตTrump has vowed he will impose tariffs of 25% on all imports from Canada and Mexico, and an extra 10% on Chinese goods on day one in office. The China tariffs would apply to all imports and on top of existing levies.
#battery #BESS
HOT OFF THE PRESS: EU is a long way from reaching its lofty 20m green hydrogen consumption goal by 2030.
Sober report from ACER shows:
Right now hydrogen is a decarbonisation problem. 99.7% of hydrogen consumed in EU comes from fossil fuels.
www.acer.europa.eu/sites/defaul...
Cost savings are being made on a number of metrics from reduced margins to vertical integration and low OPEX. How much further these prices can fall is the big question - request the latest Rho Motion BESS highlights presentation to learn more: bit.ly/40Tx1nQ
BESS system prices have fallen below $100/kWh for the first time in China on the back of record low LFP cell price. Despite this, system prices outside of China, although declining, can typically cost more than twice that. How is this cost differential achieved?
#battery #BESS #energy
